A family of bivariate Pareto distributions

Abstract

Pareto distributions have been extensively used in literature for modelling and analysis of income and lifetime data. In the present paper, we introduce a family of bivariate Pareto distributions using a generalized version of dullness property. Some important bivariate Pareto distributions are derived as special cases. Distributional properties of the family are studied. The dependency structure of the family is investigated. Finally, the family of distributions is applied to two real life data situation

Keywords

• bivariate Pareto distribution
• correlation coefficient
• association measures
• dullness property